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How CenturyLink Is Allocating Its Capex

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Nov. 20 2020, Updated 5:13 p.m. ET

CenturyLink’s capital expenditure

In this article, we’ll take a look at CenturyLink’s (CTL) capex spending. The company continues to invest in its network to boost fiber-optic connectivity as well as to provide enhanced speeds. CenturyLink management expects these improvements to allow it to compete with Frontier Communications (FTR), Comcast (CMCSA), and other top cable companies in the market.

In Q1 2018, CenturyLink spent $788 million on capex (excluding integration-related capital expenditures and special items), representing 13.3% of revenues. The management has not provided a specific capital expenditure guidance range for the full-year 2018. However, the company expects capital expenditure to be around 16.0% of revenues in 2018.

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Expected capex investments in 2018

In comparison, Frontier and Windstream (WIN) are expected to spend ~$1.2 billion and ~$0.8 billion, respectively, on capital expenditures in the full-year 2018. However, the integrated US telecom companies Verizon (VZ) and AT&T (T) are expected to spend ~$17.8 billion and ~$25.0 billion, respectively, on capital expenditures in 2018.

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